E&P spending going up: Rates will go up from here on

Oct 24:
Global upstream E&P spending is expected to increase by 7% in 2018 assuming crude prices in the mid-US$ 50s per barrel8The investment flows will go up from there on8The expected increase in E&P spending will boost demand for drilling rigs and offshore supply ships.8Renewed interest follows break-even level reductions of up to 50% for new projects in North Sea and Gulf of Mexico since 20148Already, spot day rates for certain types of offshore support vessels have improved while others are still under pressure-- PSVs (production support vessels) > 900 m2 have made solid spot market rate gains over 2016 levels-- AHTs (anchor handling tugs) > 20k bhp have seen spot rates coming under pressureClick on Reports for more